Exhibit 12.1
Leucadia National Corporation
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends
(Dollars in thousands)
| Nine Months Ended September 30, 2016 |
Year Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
| Pre-tax income (loss) from continuing operations before income (losses) from equity investees | $ | (104,899 | ) | $ | 198,498 | $ | 53,199 | $ | 151,645 | $ | 1,022,021 | $ | 732,939 | |||||||||||
| Add (deduct): | ||||||||||||||||||||||||
| Fixed charges per below | 275,810 | 397,526 | 399,097 | 296,217 | 106,740 | 121,106 | ||||||||||||||||||
| Capitalized interest | (11,190 | ) | (3,178 | ) | (448 | ) | (554 | ) | (627 | ) | — | |||||||||||||
| Distributed income from equity investees | 119,688 | 223,658 | 176,491 | 137,098 | 93,737 | 39,716 | ||||||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (77 | ) | (903 | ) | (3,295 | ) | (3,450 | ) | (1,026 | ) | (2,167 | ) | ||||||||||||
| Income, as adjusted | $ | 279,332 | $ | 815,601 | $ | 625,044 | $ | 580,956 | $ | 1,220,845 | $ | 891,594 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest on debt, net of capitalized interest, including amortization of debt expense and debt discount and premium | $ | 244,073 | $ | 365,905 | $ | 371,359 | $ | 272,599 | $ | 96,455 | $ | 116,452 | ||||||||||||
| Capitalized Interest | 11,190 | 3,178 | 448 | 554 | 627 | — | ||||||||||||||||||
| Portion of rent representative of interest factor (a) | 20,547 | 28,443 | 27,290 | 23,064 | 9,658 | 4,654 | ||||||||||||||||||
| Total fixed charges | $ | 275,810 | $ | 397,526 | $ | 399,097 | $ | 296,217 | $ | 106,740 | $ | 121,106 | ||||||||||||
| Preferred share dividends | 3,047 | 4,063 | 4,062 | 3,397 | — | — | ||||||||||||||||||
| Total fixed charges and preferred share dividends | $ | 278,857 | $ | 401,589 | $ | 403,159 | $ | 299,614 | $ | 106,740 | $ | 121,106 | ||||||||||||
| Ratio of earnings to fixed charges (b) (c) | 1.0 | 2.1 | 1.6 | 2.0 | 11.4 | 7.4 | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred share dividends (b) (c) | 1.0 | 2.0 | 1.6 | 1.9 | 11.4 | 7.4 | ||||||||||||||||||
Notes:
| (a) | The portion of operating lease rental expense that is representative of interest factor is deemed to be one-third of operating lease rentals. |
| (b) | Fixed charges include amounts relating to continuing and discontinued operations. |
| (c) | Interest expense related to unrecognized tax benefits is recorded as a component of income tax expense and is excluded from both fixed charges and pre-tax income (loss). |
